Exhibit 99.1
General
Cable Reports Fourth Quarter 2014 Results
HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--February 4, 2015--General Cable
Corporation (NYSE: BGC) reported today results for the fourth
quarter ended December 31, 2014. For the fourth quarter of 2014, the
Company recorded adjusted earnings per share of $0.15 and adjusted
operating income of $46 million, in line with management’s guidance. For
the fourth quarter of 2014, reported loss per share was $2.86 and
reported operating income was $14 million. For the full year 2014, the
Company generated adjusted operating cash flow of $212 million and
reported operating cash flow of $134 million. See page 3 of this press
release for information on the reconciliation of adjusted to reported
results.
Highlights
-
Fourth quarter adjusted operating income and adjusted EPS in
line with management’s guidance
-
Exceeded full year 2014 adjusted operating cash flow target
-
Reduced net debt by $197 million and availability increased to
$425 million under the Company’s North American and European based
credit facility during the fourth quarter
-
Completed the sale of the Company’s interest in the Philippines
for cash proceeds of $67 million, a significant initial step in
simplifying the Company’s portfolio and reducing operational complexity
-
Continued progress on restructuring program with substantially
all of the initiatives to generate savings of $75 million announced
through the fourth quarter including planned actions in North America
and Latin America
-
Industry Week’s 2014 Best Plants in North America awarded to the
Company’s Marion, Indiana facility
-
Adopted SICAD II currency exchange rate in Venezuela
Gregory B. Kenny, President and Chief Executive Officer, said, “We are
making significant progress on our divestiture and restructuring
programs and will remain focused on the execution of these strategic
initiatives to simplify our geographic portfolio, reduce complexity and
lower the cost base of our core operations. The sale of our interest in
the Philippines marked a very important first step in executing on our
divestiture program. With the fourth quarter announcement of
restructuring actions to be taken in North America and Latin America,
which are anticipated to generate approximately $15 million or 20% of
the total annual savings of $75 million, we have now announced
substantially all planned initiatives as outlined in July 2014. We are
continuing to carefully evaluate further restructuring actions in our
core operations as we focus on delivering increased returns from our
businesses in North America, Latin America and Europe in an ongoing
difficult operating environment most recently characterized by the
impact of volatile metal prices and lower oil prices. The search for the
next CEO and an operations-experienced independent director is
progressing under the guidance of our outside Directors.”
Brian J. Robinson, Executive Vice President and Chief Financial Officer,
said, “We generated $212 million of adjusted operating cash flow for
2014 principally due to the strong management of working capital
particularly inventory during the fourth quarter. We applied the
proceeds from the sale of the Philippines toward the reduction of debt,
a key priority for the Company. Our liquidity position is strong as
availability under our North American and European based credit facility
increased to $425 million. We also maintain an incremental $120 million
of liquidity throughout Latin America (excluding Venezuela) including
cash and various local working capital lines. We are well positioned to
fund the business including working capital requirements, restructuring
activities, quarterly dividends and the retirement of our $125 million
senior floating rate notes due in April 2015.”
Q4 2014 versus Q4 2013
Net sales for the fourth quarter of 2014 of $1,547 million were down 6%
as compared to the fourth quarter of 2013 on a metal adjusted basis.
Unit volume in the Company’s core operations consisting of North
America, Latin America (excluding Venezuela) and Europe was down 6% year
over year principally due to lower aerial transmission cable shipments
in North America and Brazil as well as weaker end market demand
throughout Europe. Excluding aerial transmission cables in North America
and Brazil, unit volume in the Company’s core operations increased 2%
year over year principally due to demand for electric utility
distribution and specialty products in North America. Adjusted operating
income for the fourth quarter of 2014 of $46 million was down $5 million
from the fourth quarter of 2013 (excluding Venezuela from both periods).
Overall, adjusted operating income for the fourth quarter of 2014
reflects the benefit of restructuring initiatives and stronger results
year over year in North America which were offset by the impact of
weaker demand throughout Europe.
Q4 2014 versus Q3 2014
Net sales for the fourth quarter of 2014 increased 3% as compared to the
third quarter of 2014 on a metal adjusted basis. Excluding aerial
transmission cables in North America and Brazil, unit volume for the
fourth quarter of 2014 in the Company’s core operations was flat as
compared to the third quarter. Sequentially, adjusted operating income
was down $9 million in the fourth quarter principally due to seasonal
demand trends including planned factory shutdowns.
Other expense
Effective December 31, 2014, the Company adopted the SICAD II currency
exchange rate of 50 bolivars per US dollar to remeasure its local
balance sheet in Venezuela which resulted in a reported loss of $91
million in the fourth quarter. Excluding the impact of Venezuela, other
expense was $8 million for the fourth quarter which primarily reflects
mark to market losses of $3 million on derivative instruments accounted
for as economic hedges (principally used to manage currency and
commodity risk on the Company’s global project business), and foreign
currency transaction losses of $5 million.
Liquidity - Excluding Venezuela
Net debt was $1,162 million at the end of the fourth quarter of 2014, a
decrease of $197 million from the end of the third quarter of 2014. The
decrease in net debt is principally due to reductions in working capital
and the use of cash proceeds generated from the sale of the Company’s
interest in the Philippines toward the reduction of debt. The decrease
in working capital principally reflects the impact of normal seasonal
trends including the achievement of aggressive inventory reduction
targets and the collection of submarine turnkey project milestone
payments.
First Quarter 2015 Outlook for the Company’s core operations
consisting of North America, Latin America and Europe (excluding
Venezuela, Asia-Pacific and Africa)
Revenues in the first quarter are expected to be in the range of $1.1 to
$1.15 billion. Unit volume in the Company’s core operations is
anticipated to be down mid-single digits sequentially principally due to
seasonal demand trends. The Company anticipates adjusted operating
income to be in the range of $10 to $25 million for the first quarter.
Adjusted earnings per share are expected to be in the range of $(0.16)
to $(0.01) per share for the first quarter. The Company’s first quarter
outlook assumes copper (COMEX) and aluminum (LME) prices of $2.60 and
$0.84, respectively. The first quarter outlook does not include
operating results from Venezuela nor does it include operating results
from Asia Pacific and Africa. As noted in the Segment Information, the
Company has recast its segments to align with its current strategy of
portfolio simplification and new management structure, including
presenting a new Asia Pacific and Africa reportable segment. For
accounting purposes, these operations do not meet the requirement to be
presented as discontinued operations.
“Overall, we anticipate a sluggish start to the year driven by the
impact of typical seasonal demand trends and much lower metal prices.
The first quarter is typically our slowest period of the year due to
lower construction activity principally due to seasonal weather and
extended holidays. The recent decline in copper and aluminum prices is
expected to be a headwind to operating results in the first quarter in
the range of $15 to $20 million as we sell higher weighted average cost
inventory into a lower metal cost environment under our weighted average
cost accounting methodology. However, if this lower metal price
environment persists, we would expect to generate cash as our investment
in working capital declines. While we clearly cannot control
macroeconomic factors, I am very pleased with our progress on what we
can control including our divestiture program and further cost reduction
opportunities,” Kenny concluded.
Non-GAAP Financial Measures
Adjusted operating income (defined as operating income before
extraordinary, nonrecurring or unusual charges and other certain items),
adjusted earnings per share (defined as diluted earnings per share
before extraordinary, nonrecurring or unusual charges and other certain
items), adjusted operating cash flow (defined as operating cash flows
before extraordinary, nonrecurring or unusual charges and other certain
items) and net debt (defined as long-term debt plus current portion of
long-term debt less cash and cash equivalents) are “non-GAAP financial
measures” as defined under the rules of the Securities and Exchange
Commission.
These Company-defined non-GAAP financial measures are being provided
herein because management believes they are useful in analyzing the
operating performance of the business and are consistent with how
management reviews the underlying business trends. Use of these non-GAAP
measures may be inconsistent with similar measures presented by other
companies and should only be used in conjunction with the Company’s
results reported according to GAAP. Adjusted results and guidance
reflect the removal of the impact of our Venezuelan operations on a
standalone basis due to the ongoing economic and political uncertainty
in that country, principally driven by the foreign currency exchange
system, government-imposed profit caps/limitations and limited access to
U.S. dollars for the import of raw materials. However, we expect ongoing
operations in Venezuela to continue, and we cannot predict the amounts
of any future income or expenses we may incur relating to our Venezuelan
operations. Certain historical results of our Venezuelan operations on a
standalone basis are provided in the Fourth Quarter 2014 Investor
Presentation available on the Company’s website. The first quarter 2015
guidance reflects the removal of Asia Pacific and Africa operating
results as we are in the process of divesting these operations and
therefore cannot predict the amounts of any future operating income or
expenses we may incur.
A reconciliation of adjusted operating income to reported operating
income and adjusted earnings per share to reported earnings per share
for the fourth quarter of 2014 and 2013 and the third quarter of 2014 is
set forth in the table below. A reconciliation of adjusted operating
cash flows to reported operating cash flow is included in the Company’s
Fourth Quarter 2014 Investor Presentation available on the Company’s
website. With respect to the Company’s expected first quarter 2015
adjusted operating income and adjusted earnings per share, the Company
is not able to provide a reconciliation of these non-GAAP financial
measures to GAAP because it does not provide specific guidance for the
various extraordinary, nonrecurring or unusual charges and other certain
items. These items have not yet occurred, are out of the Company’s
control and/or cannot be reasonably predicted. As a result,
reconciliation of the non-GAAP guidance measures to GAAP is not
available without unreasonable effort and the Company is unable to
address the probable significance of the unavailable information.
A reconciliation of operating income and earnings per share to adjusted
non-GAAP operating income and earnings per share follows:
|
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|
4th Quarter
|
|
|
|
3rd Quarter
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
In millions, except per share amounts
|
|
Operating
Income
|
|
EPS
|
|
|
|
Operating
Income
|
|
EPS
|
|
|
|
Operating
Income
|
|
EPS
|
|
As reported
|
|
$
|
14.2
|
|
|
$
|
(2.86
|
)
|
|
|
|
$
|
65.2
|
|
|
$
|
0.27
|
|
|
|
|
$
|
(78.6
|
)
|
|
$
|
(2.55
|
)
|
|
Adjustments to Reconcile Operating Income/EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash convertible debt interest expense
|
|
|
-
|
|
|
|
0.01
|
|
|
|
|
|
-
|
|
|
|
0.09
|
|
|
|
|
|
-
|
|
|
|
0.01
|
|
|
Mark to market (gain) loss on derivative instruments
|
|
|
-
|
|
|
|
0.04
|
|
|
|
|
|
-
|
|
|
|
0.04
|
|
|
|
|
|
-
|
|
|
|
(0.03
|
)
|
|
Restructuring and severance charges
|
|
|
25.5
|
|
|
|
0.36
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
123.8
|
|
|
|
2.55
|
|
|
Restatement and legal costs
|
|
|
3.9
|
|
|
|
0.05
|
|
|
|
|
|
4.8
|
|
|
|
0.05
|
|
|
|
|
|
2.5
|
|
|
|
0.03
|
|
|
Projects and insurance settlements
|
|
|
(17.2
|
)
|
|
|
(0.21
|
)
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
(5.0
|
)
|
|
|
(0.06
|
)
|
|
Brazil impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
13.1
|
|
|
|
0.16
|
|
|
Gain on the sale of the Philippines
|
|
|
(17.6
|
)
|
|
|
(0.22
|
)
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Venezuela (income)/loss(1)
|
|
|
37.6
|
|
|
|
2.98
|
|
|
|
|
|
(19.3
|
)
|
|
|
(0.21
|
)
|
|
|
|
|
(0.8
|
)
|
|
|
0.18
|
|
|
Effective tax rate adjustment (2)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
(0.09
|
)
|
|
|
|
|
-
|
|
|
|
0.01
|
|
|
Total Adjustments
|
|
|
32.2
|
|
|
|
3.01
|
|
|
|
|
|
(14.5
|
)
|
|
|
(0.12
|
)
|
|
|
|
|
133.6
|
|
|
|
2.85
|
|
|
Adjusted
|
|
$
|
46.4
|
|
|
$
|
0.15
|
|
|
|
|
$
|
50.7
|
|
|
$
|
0.15
|
|
|
|
|
$
|
55.0
|
|
|
$
|
0.30
|
|
|
(1)
|
|
The fourth quarter 2014 principally reflects the impact of the
non-cash asset impairment charge of approximately $43 million
|
|
(2)
|
|
Reflects an adjusted effective tax rate of 40% for the third and
fourth quarters of 2014 and 45% for the fourth quarter of 2013
|
General Cable will discuss fourth quarter results on a conference call
that will be broadcast live at 8:30 a.m., ET, on February 5, 2015. The
live webcast of the Company’s conference call will be available in
listen only mode and can be accessed through the Investor Relations page
on our website at www.generalcable.com. Also available on our
website is a copy of an Investor Presentation that will be referenced
throughout the conference call.
General Cable Corporation (NYSE:BGC), a Fortune 500 Company, is a global
leader in the development, design, manufacture, marketing and
distribution of copper, aluminum and fiber optic wire and cable products
and systems for the energy, industrial, specialty, construction and
communications markets. Visit our website at www.generalcable.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements
that involve risks and uncertainties, predict or describe future events
or trends and that do not relate solely to historical matters. Forward
looking statements include, among others, expressed expectations with
regard to the following: “believe,” “expect,” “may,” “will,”
“anticipate,” “intend,” “estimate,” “project,” “plan,” “assume,” “seek
to” or other similar expressions, although not all forward-looking
statements contain these identifying words. Actual results may differ
materially from those discussed in forward-looking statements as a
result of factors, risks and uncertainties over many of which we have no
control. These factors include, but are not limited to: the economic
strength and competitive nature of the geographic markets that the
Company serves; our ability to increase manufacturing capacity and
productivity; our ability to increase our selling prices during periods
of increasing raw material costs; our ability to service, and meet all
requirements under, our debt, and to maintain adequate domestic and
international credit facilities and credit lines; our ability to
establish and maintain internal controls; the impact of unexpected
future judgments or settlements of claims and litigation; impact of
foreign currency exchange rate fluctuations; impact of future impairment
charges; compliance with U.S. and foreign laws, including the Foreign
Corrupt Practices Act; our ability to achieve the anticipated cost
savings, efficiencies and other benefits related to our restructuring
program and other strategic initiatives and the other risks detailed
from time to time in the Company’s filings with the Securities and
Exchange Commission (“SEC”), including but not limited to, its annual
report on Form 10-K filed with the SEC on March 3, 2014, and subsequent
SEC filings. You are cautioned not to place undue reliance on these
forward-looking statements. General Cable does not undertake, and hereby
disclaims, any obligation, unless required to do so by applicable
securities laws, to update any forward-looking statements as a result of
new information, future events or other factors.
TABLES TO FOLLOW
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General Cable Corporation and Subsidiaries
|
|
Consolidated Statements of Operations
|
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(in millions, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended
|
|
|
Twelve Fiscal Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
Net sales
|
|
$
|
1,546.7
|
|
|
$
|
1,661.3
|
|
|
|
$
|
5,979.8
|
|
|
$
|
6,421.2
|
|
|
Cost of sales
|
|
|
1,444.0
|
|
|
|
1,467.5
|
|
|
|
|
5,586.6
|
|
|
|
5,717.5
|
|
|
Gross profit
|
|
|
102.7
|
|
|
|
193.8
|
|
|
|
|
393.2
|
|
|
|
703.7
|
|
|
Selling, general and
|
|
|
|
|
|
|
|
|
|
|
administrative expenses
|
|
|
88.5
|
|
|
|
128.6
|
|
|
|
|
426.7
|
|
|
|
492.0
|
|
|
Goodwill impairment charge
|
|
|
-
|
|
|
|
-
|
|
|
|
|
155.1
|
|
|
|
-
|
|
|
Intangible asset impairment charges
|
|
|
-
|
|
|
|
-
|
|
|
|
|
98.8
|
|
|
|
-
|
|
|
Operating income (loss)
|
|
|
14.2
|
|
|
|
65.2
|
|
|
|
|
(287.4
|
)
|
|
|
211.7
|
|
|
Other expense
|
|
|
(101.5
|
)
|
|
|
(7.9
|
)
|
|
|
|
(212.9
|
)
|
|
|
(66.7
|
)
|
|
Interest income (expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(30.7
|
)
|
|
|
(34.2
|
)
|
|
|
|
(116.3
|
)
|
|
|
(124.9
|
)
|
|
Interest income
|
|
|
1.5
|
|
|
|
2.2
|
|
|
|
|
4.5
|
|
|
|
6.9
|
|
|
|
|
|
(29.2
|
)
|
|
|
(32.0
|
)
|
|
|
|
(111.8
|
)
|
|
|
(118.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(116.5
|
)
|
|
|
25.3
|
|
|
|
|
(612.1
|
)
|
|
|
27.0
|
|
|
Income tax (provision) benefit
|
|
|
(22.1
|
)
|
|
|
(8.9
|
)
|
|
|
|
(8.3
|
)
|
|
|
(38.8
|
)
|
|
Equity in net earnings of unconsolidated affiliated companies
|
|
|
0.5
|
|
|
|
0.2
|
|
|
|
|
1.4
|
|
|
|
1.7
|
|
|
Net income (loss) including noncontrolling interests
|
|
|
(138.1
|
)
|
|
|
16.6
|
|
|
|
|
(619.0
|
)
|
|
|
(10.1
|
)
|
|
Less: preferred stock dividends
|
|
|
-
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
0.3
|
|
|
Less: net income (loss) attributable to noncontrolling interest
|
|
|
1.1
|
|
|
|
2.8
|
|
|
|
|
(15.4
|
)
|
|
|
7.7
|
|
|
Net income (loss) attributable to Company common shareholders
|
|
$
|
(139.2
|
)
|
|
$
|
13.7
|
|
|
|
$
|
(603.6
|
)
|
|
$
|
(18.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share - basic
|
|
$
|
(2.86
|
)
|
|
$
|
0.28
|
|
|
|
$
|
(12.37
|
)
|
|
$
|
(0.37
|
)
|
|
Weighted average common shares - basic
|
|
|
48.7
|
|
|
|
49.4
|
|
|
|
|
48.8
|
|
|
|
49.4
|
|
|
Earnings (loss) per common share-
|
|
|
|
|
|
|
|
|
|
|
assuming dilution
|
|
$
|
(2.86
|
)
|
|
$
|
0.27
|
|
|
|
$
|
(12.37
|
)
|
|
$
|
(0.37
|
)
|
|
Weighted average common shares-
|
|
|
|
|
|
|
|
|
|
|
assuming dilution
|
|
|
48.7
|
|
|
|
50.7
|
|
|
|
|
48.8
|
|
|
|
49.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Cable Corporation and Subsidiaries
|
|
Consolidated Statements of Operations
|
|
Segment Information
|
|
(in millions)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended
|
|
|
Twelve Fiscal Months Ended
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
Revenues (as reported)
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
666.0
|
|
|
$
|
676.9
|
|
|
|
$
|
2,550.1
|
|
|
$
|
2,751.6
|
|
|
Europe
|
|
|
|
341.4
|
|
|
|
417.2
|
|
|
|
|
1,330.8
|
|
|
|
1,448.7
|
|
|
Latin America
|
|
|
|
283.1
|
|
|
|
322.2
|
|
|
|
|
1,143.0
|
|
|
|
1,211.9
|
|
|
Asia Pacific and Africa
|
|
|
|
256.2
|
|
|
|
245.0
|
|
|
|
|
955.9
|
|
|
|
1,009.0
|
|
|
Total
|
|
|
$
|
1,546.7
|
|
|
$
|
1,661.3
|
|
|
|
$
|
5,979.8
|
|
|
$
|
6,421.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues (metal adjusted) (1)
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
666.0
|
|
|
$
|
681.3
|
|
|
|
$
|
2,550.1
|
|
|
$
|
2,738.8
|
|
|
Europe
|
|
|
|
341.4
|
|
|
|
412.4
|
|
|
|
|
1,330.8
|
|
|
|
1,429.1
|
|
|
Latin America
|
|
|
|
283.1
|
|
|
|
317.7
|
|
|
|
|
1,143.0
|
|
|
|
1,192.5
|
|
|
Asia Pacific and Africa
|
|
|
|
256.2
|
|
|
|
239.5
|
|
|
|
|
955.9
|
|
|
|
987.8
|
|
|
Total
|
|
|
$
|
1,546.7
|
|
|
$
|
1,650.9
|
|
|
|
$
|
5,979.8
|
|
|
$
|
6,348.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal Pounds Sold
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
148.8
|
|
|
|
152.2
|
|
|
|
|
553.4
|
|
|
|
590.0
|
|
|
Europe
|
|
|
|
47.7
|
|
|
|
58.0
|
|
|
|
|
200.4
|
|
|
|
234.2
|
|
|
Latin America
|
|
|
|
76.5
|
|
|
|
80.1
|
|
|
|
|
307.5
|
|
|
|
287.9
|
|
|
Asia Pacific and Africa
|
|
|
|
55.1
|
|
|
|
51.1
|
|
|
|
|
197.4
|
|
|
|
200.9
|
|
|
Total
|
|
|
|
328.1
|
|
|
|
341.4
|
|
|
|
|
1,258.7
|
|
|
|
1,313.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
44.0
|
|
|
$
|
22.8
|
|
|
|
$
|
142.5
|
|
|
$
|
127.5
|
|
|
Europe
|
|
|
|
9.5
|
|
|
|
9.9
|
|
|
|
|
(94.0
|
)
|
|
|
(7.8
|
)
|
|
Latin America
|
|
|
|
(43.1
|
)
|
|
|
22.7
|
|
|
|
|
(246.6
|
)
|
|
|
44.2
|
|
|
Asia Pacific and Africa
|
|
|
|
3.8
|
|
|
|
9.8
|
|
|
|
|
(89.3
|
)
|
|
|
47.8
|
|
|
Total
|
|
|
$
|
14.2
|
|
|
$
|
65.2
|
|
|
|
$
|
(287.4
|
)
|
|
$
|
211.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Income (2)
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
31.8
|
|
|
$
|
27.6
|
|
|
|
$
|
150.2
|
|
|
$
|
144.6
|
|
|
Europe
|
|
|
|
5.6
|
|
|
|
9.9
|
|
|
|
|
11.8
|
|
|
|
8.5
|
|
|
Latin America
|
|
|
|
3.0
|
|
|
|
3.4
|
|
|
|
|
(7.2
|
)
|
|
|
(1.3
|
)
|
|
Asia Pacific and Africa
|
|
|
|
6.0
|
|
|
|
9.8
|
|
|
|
|
26.9
|
|
|
|
48.9
|
|
|
Total
|
|
|
$
|
46.4
|
|
|
$
|
50.7
|
|
|
|
$
|
181.7
|
|
|
$
|
200.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Metal Adjusted Sales (3)
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
4.8
|
%
|
|
|
4.1
|
%
|
|
|
|
5.9
|
%
|
|
|
5.3
|
%
|
|
Europe
|
|
|
|
1.6
|
%
|
|
|
2.4
|
%
|
|
|
|
0.9
|
%
|
|
|
0.6
|
%
|
|
Latin America
|
|
|
|
1.1
|
%
|
|
|
1.1
|
%
|
|
|
|
-0.6
|
%
|
|
|
-0.1
|
%
|
|
Asia Pacific and Africa
|
|
|
|
2.3
|
%
|
|
|
4.1
|
%
|
|
|
|
2.8
|
%
|
|
|
5.0
|
%
|
|
Total Company
|
|
|
|
3.0
|
%
|
|
|
3.1
|
%
|
|
|
|
3.0
|
%
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
11.4
|
|
|
$
|
9.7
|
|
|
|
$
|
38.4
|
|
|
$
|
33.5
|
|
|
Europe
|
|
|
|
1.0
|
|
|
|
1.7
|
|
|
|
|
9.5
|
|
|
|
14.1
|
|
|
Latin America
|
|
|
|
5.2
|
|
|
|
7.1
|
|
|
|
|
25.6
|
|
|
|
21.5
|
|
|
Asia Pacific and Africa
|
|
|
|
3.8
|
|
|
|
5.2
|
|
|
|
|
16.1
|
|
|
|
20.0
|
|
|
Total
|
|
|
$
|
21.4
|
|
|
$
|
23.7
|
|
|
|
$
|
89.6
|
|
|
$
|
89.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$
|
10.7
|
|
|
$
|
11.5
|
|
|
|
$
|
44.5
|
|
|
$
|
45.1
|
|
|
Europe
|
|
|
|
6.4
|
|
|
|
9.3
|
|
|
|
|
33.2
|
|
|
|
35.8
|
|
|
Latin America
|
|
|
|
6.1
|
|
|
|
7.8
|
|
|
|
|
27.6
|
|
|
|
32.3
|
|
|
Asia Pacific and Africa
|
|
|
|
5.6
|
|
|
|
4.3
|
|
|
|
|
21.1
|
|
|
|
20.3
|
|
|
Total
|
|
|
$
|
28.8
|
|
|
$
|
32.9
|
|
|
|
$
|
126.4
|
|
|
$
|
133.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by Major Product Lines
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utility
|
|
|
$
|
558.1
|
|
|
$
|
626.4
|
|
|
|
$
|
2,006.1
|
|
|
$
|
2,148.5
|
|
|
Electrical Infrastructure
|
|
|
|
392.5
|
|
|
|
425.4
|
|
|
|
|
1,589.5
|
|
|
|
1,674.2
|
|
|
Construction
|
|
|
|
368.4
|
|
|
|
359.7
|
|
|
|
|
1,440.4
|
|
|
|
1,568.9
|
|
|
Communications
|
|
|
|
141.7
|
|
|
|
158.6
|
|
|
|
|
570.4
|
|
|
|
713.0
|
|
|
Rod Mill Products
|
|
|
|
86.0
|
|
|
|
91.2
|
|
|
|
|
373.4
|
|
|
|
316.6
|
|
|
Total
|
|
|
$
|
1,546.7
|
|
|
$
|
1,661.3
|
|
|
|
$
|
5,979.8
|
|
|
$
|
6,421.2
|
|
|
(1)
|
|
Metal-adjusted revenues, a non-GAAP financial measure, is
provided in order to eliminate an estimate of metal price
volatility from the comparison of revenues from one period to
another.
|
|
|
|
|
|
(2)
|
|
Adjusted operating income is a non-GAAP financial measure. The
company is providing adjusted operating income on a segment basis
because management believes it is useful in analyzing the
operating performance of the business and is consistent with how
management reviews the underlying business trends. A
reconciliation of segment reported operating income to segment
adjusted operating income is provided in the appendix of the
Fourth Quarter 2014 Investor Presentation, located on the
Company's website.
|
|
|
|
|
|
(3)
|
|
Return on Metal Adjusted Sales is calculated on Adjusted
Operating Income
|
|
|
|
|
|
|
|
|
|
|
GENERAL CABLE CORPORATION AND SUBSIDIARIES
|
|
Consolidated Balance Sheets
|
|
(in millions, except share data)
|
|
|
|
Assets
|
|
December 31,
2014
|
|
|
December 31,
2013
|
|
Current Assets:
|
|
(unaudited)
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
205.8
|
|
|
|
$
|
418.8
|
|
|
|
Receivables, net of allowances of $32.0 million at December 31,
2014 and $39.2 million at December 31, 2013
|
|
|
1,007.0
|
|
|
|
|
1,171.7
|
|
|
|
Inventories
|
|
|
1,018.8
|
|
|
|
|
1,239.6
|
|
|
|
Deferred income taxes
|
|
|
32.4
|
|
|
|
|
50.2
|
|
|
|
Prepaid expenses and other
|
|
|
132.1
|
|
|
|
|
126.2
|
|
|
|
Total current assets
|
|
|
2,396.1
|
|
|
|
|
3,006.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
758.4
|
|
|
|
|
1,092.0
|
|
|
Deferred income taxes
|
|
|
24.8
|
|
|
|
|
15.8
|
|
|
Goodwill
|
|
|
|
|
26.1
|
|
|
|
|
184.6
|
|
|
Intangible assets, net
|
|
|
65.1
|
|
|
|
|
182.9
|
|
|
Unconsolidated affiliated companies
|
|
|
17.5
|
|
|
|
|
19.0
|
|
|
Other non-current assets
|
|
|
78.7
|
|
|
|
|
78.1
|
|
|
|
Total assets
|
|
$
|
3,366.7
|
|
|
|
$
|
4,578.9
|
|
|
|
|
|
|
|
|
|
Liabilities and Total Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
672.1
|
|
|
|
$
|
870.6
|
|
|
|
Accrued liabilities
|
|
|
383.2
|
|
|
|
|
434.9
|
|
|
|
Current portion of long-term debt
|
|
|
403.5
|
|
|
|
|
250.3
|
|
|
|
Total current liabilities
|
|
|
1,458.8
|
|
|
|
|
1,555.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
933.9
|
|
|
|
|
1,136.6
|
|
|
Deferred income taxes
|
|
|
183.0
|
|
|
|
|
233.8
|
|
|
Other liabilities
|
|
|
240.0
|
|
|
|
|
255.9
|
|
|
|
Total liabilities
|
|
|
2,815.7
|
|
|
|
|
3,182.1
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
13.8
|
|
|
|
|
17.0
|
|
|
|
|
|
|
|
|
|
Total Equity:
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, issued and outstanding shares:
|
|
|
|
|
|
|
|
December 31, 2014 - 48,683,493 (net of 10,126,473 treasury shares)
|
|
|
|
|
|
|
|
December 31, 2013 - 49,598,653 (net of 9,211,857 treasury shares)
|
|
|
0.6
|
|
|
|
|
0.6
|
|
|
|
Additional paid-in capital
|
|
|
714.8
|
|
|
|
|
699.6
|
|
|
|
Treasury stock
|
|
|
(184.3
|
)
|
|
|
|
(155.3
|
)
|
|
|
Retained earnings
|
|
|
208.4
|
|
|
|
|
847.4
|
|
|
|
Accumulated other comprehensive loss
|
|
|
(263.4
|
)
|
|
|
|
(112.1
|
)
|
|
|
Total Company shareholders' equity
|
|
|
476.1
|
|
|
|
|
1,280.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest
|
|
|
61.1
|
|
|
|
|
99.6
|
|
|
|
Total equity
|
|
|
537.2
|
|
|
|
|
1,379.8
|
|
|
|
Total liabilities and equity
|
|
$
|
3,366.7
|
|
|
|
$
|
4,578.9
|
|
CONTACT:
General Cable Corporation
Len Texter, 859-572-8684
Vice
President, Finance and Investor Relations
